The company reported a net loss, caused in part by a large lawsuit settlement with a rival in the real-estate website business.
Seattle-based Zillow Group on Tuesday said it expects to surpass $1 billion in annual revenue for the first time in 2017 but still isn’t close to turning a profit.
The real-estate information company, whose websites also include Trulia, HotPads and Naked Apartments, reported a record $227.6 million in revenue in the fourth quarter of 2016, up 34 percent from a year prior and slightly above analysts’ expectations. It finished the year with $846.6 million in revenue, driven largely by its premier agent program.
Still, Zillow reported a net loss of $220.4 million, including a $130 million settlement in June over a lawsuit alleging that two executives it hired from rival Move stole trade secrets. That’s up from a $148.9 million loss in 2015.
In after-hours trading Zillow shares dipped 6 percent in the hour following the earnings announcement, from $36.85 to $34.65.
Most Read Stories
- Aerospace firm Electroimpact agrees to pay $485K after AG finds ‘shocking’ discrimination against Muslims
- Rachel Dolezal struggling after racial-identity scandal in Spokane
- Price tag zooms up for light rail across I-90 bridge: $225 million more needed
- Huskies get commitment from Coeur d'Alene 4-star QB Colson Yankoff
- Poutine is the new nachos: where to find the best versions in the Seattle area
The company said traffic to Zillow Group sites topped 140 million average monthly unique users in the most recent quarter, up 13 percent from a year prior but down from the peak of 171 million in May, when home buying is most prevalent.